The yuan's slight climb was linked with the People's Bank of China increasing the fixing rate higher than that of Monday. The yuan has pushed ahead roughly 1.7 percent against the world's reserve currency thus far in 2013.
"We see clients selling dollars in the market today and their motives to sell dollars recently become strong when the yuan spot moved to 6.1200-6.1250," a trader in Shanghai told Reuters on Tuesday.
Monthly gains for the yuan against the U.S. dollar in August would mark the second-straight month of climbs for the Asian nation's monetary unit against its cross-Pacific rival. The renminbi has distinguished itself as the only Asian emerging market currency to climb against the greenback.
Reuters reports China's recently released economic data has been stronger than anticipated and has allayed some concerns about rough economic times in the Asian nation. Deutsche Bank upgraded its forecast for the Asian nation's fourth-quarter gross domestic product, raising projections that were issued on Thursday of last week.
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